M.Y. Safra Bank Ups 60-Month Online CD Rate

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Deal Summary: 60-month MYSB Direct Online CD, 4.90% APY, $500 minimum deposit, new money.

Availability: Nationwide

New York-based M.Y. Safra Bank (MYSB) began offering a limited number of Online Promo CDs more than five years ago. MYSB’s internet banking debut led to the MYSB Direct Online CDs, which have been part of the product line for the last few years. MYSB recently raised the rates on Direct Online CDs, with the 60-month (4.90% APY) offering the most competitive rate. (The 60-month CD is currently the rate leader for 5-year direct bank CDs.) A minimum of $500 of new money is required to open a Direct Online CD. New money is defined simply as “funds from another institution."

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.70%$500-M.Y. Safra Bank60 Month MYSB Direct Online CD - New Money
Rates as of December 6, 2023.

Early Withdrawal Penalty

The MYSB website does not include a Truth-in-Savings (TIS) disclosure for CDs. More than a year ago, a DA reader sent me an excerpt from the MYSB TIS and CSR confirmed that the following Early Withdrawal Penalty (EWP) is still in effect.

EARLY WITHDRAWAL PROVISIONS. We will impose a penalty if you withdraw any or all of the deposited funds before the maturity date. The fee imposed will equal 90 days of interest. If interest earned during the term is greater than 3 months, penalty will equal all interest earned.

At first glance, it appears the EWP is 90 days, which would be a very mild penalty for a 5-year CD. But a closer read reveals the EWP is actually a loss of all earned interest, which is extremely harsh. Partial withdrawals are allowed, but if a withdrawal is made within 90 days of account opening, the principal will be reduced.

13-Month No-Penalty CD

When I remarked at the severity of the EWP, CSR mentioned that MYSB has a new 13-month No-Penalty CD. While the 4.85% APY isn’t that competitive, the 13-month No-Penalty CD feature three penalty-free withdrawals throughout the term.

Availability and Account Opening

Headquartered in New York City, M.Y. Safra Bank was established when T. Rowe Price Group Inc., sold its Baltimore-based T. Rowe Price Savings Bank in 2013 to New York financier and banker, Jacob E. Safra. The sale of the Bank was prompted by new regulations affecting the banking industry.

According to the promo page fine print, the Online Promo CDs can be opened by “US Citizens and Resident Aliens depositing new funds into consumer accounts only” and must be opened online.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH or wire transfer.
  • Ownership – Must be opened as an individual account, but a joint owned can be added after account opening.
  • Interest – Compounded/credited monthly; can be paid out via ACH or cashier’s check to address on file.
  • Maturing Funds – ACH, wire ($20 fee), cashier’s check to the address on file, or internal transfer to a M.Y. Safra savings or checking account.
  • Beneficiaries – Unlimited and percentages can be assigned, Social Security numbers are not required.
  • Grace Period –7 calendar days before automatic renewal.
  • Credit Check – ChexSystems and OFAC.

Bank Overview

M.Y. Safra Bank, has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.16% (excellent), based on June 30, 2023 data. In the past year, MYSB’s total non-brokered deposits have decreased by -$10 million, a below average annual growth rate of -3.87%. Please refer to our financial overview of M.Y. Safra Bank (FDIC Certificate # 35154) for more details.

Currently the 84the largest bank headquartered in New York, M.Y. Safra Bank has assets in excess of $362 million. Although MYSB opened its doors in 2013, the Safra family has been associated with banking for far longer.

For centuries, the Safra name, meaning gold, has been synonymous with sustained trust and reliability. The Safra family first rose to prominence while financing 19th century trade to Asia, Africa, the Americas, and Europe. The patriarch of the contemporary Safra dynasty, Jacob E. Safra, began working at age 13 under the tutelage of his uncle at Safra Frères & Cie., headquartered in Aleppo, Syria. In 1920, he established his own bank in Beirut, Jacob Safra Maison de Banque, marking the first step in extending the Safra legacy of prudent banking practices to the four corners of the world.

Jacob E. Safra’s son, esteemed banker and financier Edmond J. Safra, advanced his family’s legacy by founding a world renowned bank in Switzerland before arriving in New York in the early 1960s to establish what became Republic National Bank. Within twenty years, Republic grew to be one of America’s largest banks. Having successfully built a global network of banking excellence, he championed the Safra family principles of discretion and service in every institution that he built.

Although the bank's name looks like “My Safra Bank”, it actually refers to Moise Y. Safra, Jacob E. Safra’s second son, a legendary Brazilian banker.

How the 60-month MYSB Direct Online CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, two credit unions have higher rates than currently offered on the M.Y. Safra Bank 60-month MYSB Direct Online CD. The following tables compares the 60-month MYSB Direct Online CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 10/28/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: New York CD rates, 5-year CD rates, nationwide deals

Comments
fred_b
  |     |   Comment #1
Who in their right mind is going to sign up for that EWP?
LovinSomeCDs
  |     |   Comment #2
lol. agree. Thats pretty wild! Not sure if Ive ever seen that before.

Now, if the rate was at least 7.5%, I would bite. I rarely close CDs early anyhow, but the reward has to equal the risk.
LovinSomeCDs
  |     |   Comment #3
Gold is rebounding nicely!
111
  |     |   Comment #4
LovinSomeCDs
  |     |   Comment #5
111,

But where else are you going to get a 65% return??

Bought 5 years ago, and now its up that much. Way better than the 5 years CDs I had from 5 years ago making 3.5%
111
  |     |   Comment #6
"The S&P 500 Index of stocks had a 10.43% average annual total return between 1970 and 2022, according to an analysis by Securian Asset Management. Gold had a 7.7% return over the same period."

Plus, some methods of buying and holding gold will substantially increase your tax bill. "Ordinarily, capital gains are taxed at three brackets: 0%, 15% and 20%. You can’t pay more than 20% in taxes on investment profits, and to reach that top tax bracket you need to have made around $450,000 as a single taxpayer and $500,000 as a joint taxpayer in that tax year.
However, the IRS considers physical quantities of metal to be a “collectible.” For collectibles, such as coins, art and bullion, the standard tax rate is 28%. As a result, owning physical gold, or owning funds that themselves own physical gold, means that you can pay a higher maximum capital gains rate of 28%."

https://www.google.com/finance/quote/GLD:NYSEARCA?window=MAX&comparison=INDEXSP%3A.INX
LovinSomeCDs
  |     |   Comment #7
so 65% ROI subtract 28% tax is still better than CDs and S&P. Whats your point?
111
  |     |   Comment #8
Not better than S&P500, most of the time. That's my point. Look again at the 5-year-lookback graph I posted. It shows ROI for GLD (a good proxy for gold), and the S&P500 ROI. 58% vs. 53% - pretty similar. But for almost any period looking back longer than that, gold loses badly. Here's another graph, gold vs. DJIA looking back 100 years. Again, for almost every 5-year period during those 100 years, gold loses.

https://www.macrotrends.net/2608/gold-price-vs-stock-market-100-year-chart
LovinSomeCDs
  |     |   Comment #9
I just randomly chose 5 years, lets look at 20 years..... 419% ROI.

Not to mention, to my knowledge, there hasnt been any laws passed where you must choose 1 investment vehicle only per life....lol
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Availability: Nationwide

More than five years ago, New York-based M.Y. Safra Bank (MYSB) began offering a limited number of Online Promo CDs. MYSB’s initial foray into internet banking led to the MYSB Direct Online CDs, which have been part of the product line for a couple of years. MYSB recently raised the rates on Direct Online CDs, with the 36-month (3.04% APY) offering the most competitive rate. A minimum of...

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Availability: Nationwide

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Availability: Nationwide

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Availability: Nationwide

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Availability: Nationwide

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